Myntra’s Strong Growth Outpaces Market, Fueled by Customer Acquisition, Innovation, and Operational Excellence
Myntra, India’s leading fashion, beauty, and lifestyle destination, has reported strong growth compared to the online fashion market in the second half of CY 2023. The company announced a 33% increase in Monthly Active Users and significant customer growth, reaching 60 million MAUs by the end of 2023.
The key factors driving Myntra’s growth include trend-centric offerings, expansion in non-apparel segments, premiumization in fashion, geographical expansion into non-metro cities, and catering to the emerging Gen-Z cohort. Brands on Myntra have seen a significant year-on-year growth, with the platform’s catalog size growing by over 50% in the last year.
Consumer preferences in various categories have led to notable growth in GMV, with the D2C segment growing over 80%, Premium Ethnic Wear over 100%, and the Beauty segment outpacing the online beauty market. Myntra’s Home category also saw a 50% GMV growth, reflecting the diverse interests of its customer base.
Myntra has expanded its portfolio of international brands to over 400, including popular names like Mango, H&M, and Tommy Hilfiger. The company onboarded 50 international brands in 2023 and launched an app-in-app proposition for Gen-Z Fashion, leading to over 150% GMV growth in CY23.
The company’s technological advancements, such as MyFashionGPT, Maya, and AI Stylist, have been well-received by customers, with 2 million monthly users engaging with new features. Myntra’s marketplace entity has turned EBITDA positive since the last quarter of CY 2023, showcasing its commitment to sustainable growth and operational excellence.
Nandita Sinha, CEO of Myntra, expressed satisfaction with the company’s market-leading growth and profitability, emphasizing their focus on solving beauty and fashion needs in India. With India’s fashion and lifestyle e-commerce market expected to reach $35 billion by 2028, Myntra’s role in the industry is set to be pivotal, given its success and growth trajectory.
